Gulf nations hoped to move beyond oil. The Iran war made that much harder.

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Democracy Dies in Darkness

The conflict is not only threatening oil revenue, but also Gulf states’ efforts to expand their economies beyond it.

May 10, 2026 at 5:00 a.m. EDT22 minutes ago

An outdoor restaurant at a mall in Dubai, seen last week. (Altaf Qadri/AP)

The war in Iran has become a profound stress-test for the long-term economic futures of wealthy Gulf monarchies that have built reputations as global financial centers and, increasingly, tourism hubs and tech powerhouses.

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